(65 ILCS 85/2)(from Ch. 111 2/3, par. 110.2)Sec. 2. The ordinance authorizing such refunding revenue bonds shall
prescribe all the details thereof and such bonds shall be in such form and
denomination, payable at such places, bear such date and be executed by
such officials as may be provided in such bond ordinance. Such refunding
revenue bonds shall mature within not to exceed 40 years from their date,
and may be made callable on any interest payment date at a price of par and
accrued interest or at a premium, after notice shall be given by
publication or otherwise at any time or times and in the manner as may be
provided for in the bond ordinance.Such ordinance may contain such covenants and restrictions upon the
issuance of additional refunding revenue bonds, or revenue bonds for
improvements and extensions to such utility as may be deemed necessary or
advisable for the assurance of the payment of the refunding revenue bonds
thereby authorized; such bonds shall be payable solely from the revenues
derived from such municipally owned utility and such bonds shall not, in
any event, constitute an indebtedness of such city, village or incorporated
town within the meaning of any constitutional provision or any
constitutional or statutory limitation and it shall be plainly stated on
the face of each bond that it does not constitute an indebtedness of such
city, village or incorporated town within any constitutional or statutory
provision or limitation.The validity of any refunding revenue bonds shall remain unimpaired,
although one or more of the officials executing the same shall cease to be
such officer or officers before delivery thereof, and such bonds shall have
all the qualities of negotiable instruments under the Law Merchant and the
Negotiable Instruments Law.(Source: Laws 1959, p. 109.)